EUR Edges Higher, EURJPY Reclaims the 130.00 Threshold

EURJPY Price Analysis – April 23

The EURJPY pair increased by 47 pips or 0.30% against the Japanese Yen towards the end of the week on Friday. As EUR edges higher, further consolidation appears to be on the cards in the near term, based on recent price action. ECB says its improving eurozone data, Lagarde expressed optimism and predicted a robust recovery further supporting the EUR.

Key Levels
Resistance Levels: 131.98, 130.00, 130.66
Support Levels: 129.56, 129.02, 128.29
EURJPY Long term Trend: Ranging
The cross is currently trading at 130.00, with the next resistance level at 130.66 (2021 Mar.18 High), followed by 131.00 (psychological level), and then the next high level at 131.98. A drop below the 129.56 level (weekly low and Apr. 8) will, on the other hand, reveal the 128.29 immediate support level and, eventually, the main 128.00 levels.

Overall, the technicals of the EURJPY daily chart suggest that a daily close above 130.00 may provide momentum for a possible move to the 2021 high at 130.97. (Apr. 20). Although while still maintaining its upward trend on the trendline support region, further gains are still possible in the medium term.
EURJPY Short term Trend: Ranging
The EURJPY’s intraday bias remains rangebound, and while trading from the 128.29 low level may extend higher above the 130.00 key zone. However, if the 130.66 resistance level holds a further rally within the middle price channel is anticipated.

On the upside, a break above the high at 130.66 may relaunch the uptrend from 128.29, with a 100 percent projection of 128.29 to 130.00 from 129.56 at 131.00 levels next. Meanwhile, the 129.56 level’s breach may shift the bias to the downside, implying a deeper drop to the 128.29 support level.

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